Indusind Bank 9-Mth Net At Rs 76.62 Crore

IndusInd Bank earned a net profit of Rs 76.62 crore in the first nine months ended December 1997, a 31 per cent rise compared with the corresponding period of the previous year.

The bank had projected a Rs 103-crore net profit for the current financial year.

S Solomon Raj, managing director of the bank, said deposit mobilisation was to the extent of Rs 3,793 crore and advances at Rs 2,352 crore by December end.

Operating expenses to total income, according to Raj, was perhaps the lowest in the entire banking industry in the 10-11 per cent range.

IndusInd Bank has recorded an operating profit of Rs 184.26 crore during the first three quarters of the current financial year, against Rs 124.95 crore in 1996-97.

Overall business levels, deposits plus advances, have increased by 22 per cent during April-December, 1997. Total number of branches now stands at 22, of which, two were opened recently.

The bank has recently tapped the capital market to raise Rs 180 crore, making its net worth the highest at Rs 4,894 crore among the private sector banks.

The capital adequacy ratio for the bank now stands at 16 per cent against the stipulated minimum of eight per cent.